LMI Calculator

Possibly. If you refinance within the first few years, you may be entitled to a partial refund of LMI from some insurers. Check your loan documents or contact your lender.

For investment properties, LMI can be claimed as a tax deduction over five years or the term of the loan, whichever is shorter. It's not deductible for your home.

Sometimes, through the Australian Government 5% Deposit Scheme — the renamed Home Guarantee Scheme, run by Housing Australia. The Commonwealth guarantees the part of the loan above 80% of the property value, which is the exposure LMI is priced on, so no premium is charged and there is no fee for the guarantee itself. Since 1 October 2025 there is no income test and no cap on the number of places, both of which used to be the binding limits. What still applies is a property price cap: it is set per state and territory and differs by area within them, and both the price you pay and your lender’s valuation must sit at or below it, so the same purchase can qualify in one state and not another. Every borrower on the loan has to qualify separately — at least 18, an Australian citizen or permanent resident, buying to live in, and with no interest in Australian property in the last 10 years, a rolling window rather than a never-owned test. And losing the income test does not mean income stops mattering: your lender still applies its own serviceability rules. Check the current cap for your area with Housing Australia before relying on it.

A $60,000 deposit on $600,000 leaves a $540,000 loan at 90% LVR, and this calculator estimates about $6,480 of LMI — an indicative 1.20% of the loan for that band. The band matters more than the dollar figure: with $59,000 saved instead, the same purchase sits just over 90% LVR, where the indicative rate steps up to 2.80% and the premium to about $15,148. Premiums are set by the insurer and the lender, so treat any figure here as indicative and confirm yours with the lender.